The first Overpriced. auction sale is an NFT hoodie commanding a $25,000 starting bid.
In a space which has seen nothing short of a meteoric rise in the last several months, Adventure Club solidified themselves as early adopters of NFT technology. With his latest venture, Adventure Club’s Leighton James is striving to push the sector forward in ways previously unexplored.
James has joined forces with with Impossible Brief to launch Overpriced., a new NFT venture that intersects high-end fashion and blockchain technology. In less than a week, Overpriced. is set to make a splash with their first release, an NFT hoodie with an eye-popping starting bid of $25,000.
It seems NFTs are fetching higher and higher valuations by the day, and while we’re clearly still figuring out how to price them, it’s safe to say that no one knows the value of a sale that introduces real-world garments into the fray. It’s a bit of a mind-bending concept, because as Overpriced. is quick to note, the real value is in the NFT, not the garment.
Needless to say, this is going to be a drop to keep an eye on. Impossible Brief knows a thing or two about how to drive demand for digital collectibles. The renowned creative agency was behind 2020 Super Bowl MVP Patrick Mahomes’ remarkable NFT release, which shook the sports world after selling for a staggering $3.7 million. It’s hard to say where Overpriced.’s first auctions will ultimately land, but we suspect that the sky’s the limit.
NFTs have precipitated a paradigm shift in how the public socializes around art, how they interact with it, and—perhaps most importantly—how they value it. In a way, Overpriced. is aiming to break the fourth wall by, in their words, providing “social commentary on the madness of money meeting art.”
“We are truly excited to be debuting our Season 1 line on Blockparty.co,” James told EDM.com. “Through Overpriced., we aim to combine technology, art, and fashion to re-define how much people will spend for exclusivity. Every piece of clothing in series 1 is truly exclusive and matched to a unique one-of-one NFT using our secure platform.”